According to the latest report by IMARC Group, titled “Industrial Catalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global industrial catalyst market size reached US$ 21.6 Billion in 2021. Industrial catalyst refers to compounds that are employed in large quantities to modify, facilitate, and speed up chemical reactions at the required temperature without undergoing any physical or chemical changes during the process. It assists in enhancing air quality by controlling emissions, mitigating volatile organic compounds (VOCs), producing improved oil fractions, including biodiesel, natural gas and propane, and synthesizing active compounds and intermediates. Apart from this, an industrial catalyst is efficient, eco-friendly, and safe, on account of which it is extensively used in polymer catalysis, petroleum refining, petrochemical formulation, and organic synthesis.
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Global Industrial Catalyst Market Trends:?????
With the rapid expansion in the petroleum industry, there has been an increasing establishment of petrol refining capacities and the need for various chemical products and eco-friendly fuels. This, in turn, has facilitated the widespread adoption of industrial catalysts for improving product yield, while inhibiting the waste generated during manufacturing processes, which represents one of the key factors driving the market. In line with this, rising environmental concerns have prompted governments of various countries to promote the uptake of industrial catalysts for manufacturing catalytic converters, which is acting as another growth-inducing factor. These devices are later incorporated into automobiles to mitigate harmful chemicals and pollution generated from car emissions. Additionally, the refining of multiple petrochemicals and chemicals, including methanol and polyolefins, by manufacturers for designing petroleum-based products has fueled the demand for industrial catalysts, which, in return, is contributing to the market growth. Moreover, the introduction of nano-catalysts that assist in enhancing catalytic procedures in the pharmaceutical and food and beverage (F&B) sectors are propelling the market growth. Apart from this, strategic collaborations amongst key players and the significant investments in research and development (R&D) activities to enhance catalysts efficiency, while reducing its operational costs are creating a positive outlook for the market. On account of the aforementioned factors,?the market is anticipated to reach a value of US$ 27.6 Billion by 2027, growing at a CAGR of 4.5% during 2022-2027.
- Based on the type, the market has been classified into heterogenous, homogenous, and biocatalysts. Amongst these, heterogenous catalysts exhibits clear dominance in the market.
- On the basis of the raw material, the market has been segregated into mixed, oxide, metallic, sulfide, and organometallic. Currently, mixed catalyst account for the majority of the marker share.????
- Based on the application, the market has been segmented into petroleum refinery, chemical synthesis, petrochemicals, and others. At present, petroleum refineries hold the largest market share.
- On a regional basis, the market is dominated by Asia Pacific, followed by North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Albemarle Corporation, Arkema S.A., BASF Corporation, Clariant AG, Evonik Industries AG, Exxon Mobil Chemical Corporation, Akzo Nobel N.V., Chevron Phillips Chemical Company and The DOW Chemical Company.
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